SHIVARAM RAJGOPAL Schaefer Chaired Professor of Accounting Goizueta Business School Emory University 1300 Clifton Road, Atlanta

, GA 30322 Education December 1998 1987 1988 Academic Experience June 2010May 2009- May 2010 September 2006 - April 2009 September 2004 - August 2006 July 2003 - August 2004 July 2002 - June 2003 September 1998 - June 2002 Research Interests • • Financial reporting issues Executive compensation Awarded the Schaefer Chair of Accounting at the Goizueta Business School, Emory University Awarded the Julius A. Roller Professorship in Accounting at University of Washington Professor, University of Washington Awarded Herbert O. Whitten Endowed Professorship in Accounting Associate Professor with tenure, University of Washington Assistant Professor, University of Washington Assistant Professor, Fuqua School of Business, Duke University Assistant Professor, University of Washington PhD, University of Iowa Major: Accounting Minor: Finance Chartered Accountant, Institute of Chartered Accountants, India Bachelor of Commerce, University of Bombay, India

(404) 727 9043 Work shivaram.rajgopal@emory.edu

Teaching Experience Current teaching • • Daytime MBA: Introduction to Financial Statement Analysis I and II (Elective); Understanding financial statements of banks. Evening MBA: Financial Accounting (Core). 3/10/2011

Corporate Financial Reporting Elective (Duke). and Mohan Venkatachalam. “Is Silence Golden? An Empirical Analysis of Firms that Stop Earnings Guidance.continued • PhD seminar on Positive Theory Research in Financial Accounting. 8. Contemporary Accounting Research 2009. Vol. Proctor and Gamble Ltd.” with Dawn Matsumoto and Kevin Koh. “Is PIN Priced Risk?” with Partha Mohanram.” with Preeti Choudhary and Mohan Venkatachalam. Journal of Accounting and Economics (conditionally accepted). 47(1): 105-146.1. 9. Contemporary Accounting Research Winter 2008. Vol. Have also taught MBA: Financial Accounting Core (Duke).” with Jennifer Francis. 7. Tax planning. The Accounting Review 2007 82(1): 169-203. Management Trainee. Journal of Accounting and Economics 2009. Citibank India and Singapore. Manager. 351-405. 26(3): 899-932. Journal of Financial Economics 2009. 47: 226–243. 5.Shiva Rajgopal . No. forthcoming July 2010 in The Accounting Review. India. 25.” with Mohan Venkatachalam. Spring 2008. 2 3/10/2011 . PhD: Capital Markets Research seminar (UW. 4. Corporate Governance and Firm Performance. “Meeting or Beating Analysts Expectations in the Post-SOX world: Changes in Stock Market Rewards and Managerial Actions. and Bob Bowen. Summer 2008. • Awarded the 2008 Glen McLaughlin prize for the best working paper in accounting ethics. 2. No. 11. “Accelerated Vesting of Stock Options In Anticipation of SFAS 123R: An Empirical Investigation. 109-147. Non-resident banking operations.” with Mort Pincus and Mohan Venkatachalam. 25. 2. 4. “The Accrual Anomaly: International Evidence.” with Andy Call. twice). 3. “Neighborhood Matters: The Impact of Location on Broad Based Option Plans” with Simi Kedia.” with Bob Bowen.” with Dawn Matsumoto and Shuping Chen. “Accounting Discretion. “Financial Whistle blowing: Target Firm Characteristics and Economic Consequences. 1067-1098. Journal of Accounting and Economics (forthcoming). 6. Contemporary Accounting Research. “CEO Reputation and Reporting Quality. 25. “Financial Reporting Quality and Idiosyncratic Volatility over the Last Four Decades. Contemporary Accounting Research. Undergraduates: Intermediate Accounting (UW).. No. Professional Experience 1989 – 1992 1987 – 1988 Publications Refereed journals 1. Allen Huang and Li Zang. Vol. 10. Journal of Accounting Research 2009. “How do Managers Value Stock Options and Restricted Stock?” with Terry Shevlin and Frank Hodge. 92: 109–127.

” with Terry Shevlin. • Awarded the Graham and Dodd Scroll Prize for 2006 by the Editorial and Advisory Board of the Financial Analysts Journal. 79(2): 355-385. 77: S109-S133. 13. • This paper was adjudged the best paper at the JAE Conference held in Boston 2002. “Are Executive Stock Options Associated with Future Earnings?” with Terry Shevlin and Michelle Hanlon. Journal of Business 2004. • • • Paper cited as one of the “Breakthrough Ideas for 2006" in the February 2006 issue of Harvard Business Review. “Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings.” with John Graham and Campbell Harvey. Review of Accounting Studies 2003. Journal of Accounting and Economics 2006. Awarded the 2006 Notable Contribution to the Accounting Literature by the American Accounting Association (AAA). Contemporary Accounting Research 2002. Journal of Finance 2006 LXI(4): 1813-1844. Journal of Accounting and Economics.” with John Graham and Campbell Harvey. 19. “Determinants of Revenue Recognition Policies of Internet Firms.Shiva Rajgopal . “CEO’s Outside Employment Opportunities and Lack of Relative Performance Evaluation” with Terry Shevlin and Valentina Zamora. No. “The Value Relevance of Network Advantages: The Case of E-Commerce Firms. The Accounting Review 2004. 16. 40: 3-73 (Lead article). 2005. 20. 22. “The Interaction between Accounting Policy Choice and Hedging: Evidence from Oil and Gas Producers. Vol. Journal of Accounting and Economics 2003. and Mohan Venkatachalam. 23.” with Suresh Kotha and Mohan Venkatachalam. 62. 77(1): 127-160. 36: 3-43 (Lead article). “The Role of Online Buying Experience as a Competitive Advantage: Evidence from Third-Party Ratings for E-Commerce Firms. Financial Analysts Journal November/December 2006. 15.” with Mohan Venkatachalam and Suresh Kotha. 19(1): 117-145.continued 12. 19(2): 523-562. The Accounting Review 2002.” with Morton Pincus. 21. Contemporary Accounting Research 2002. 14. 6: 27-39. 8: 461-492. “Does the Stock Market Fully Appreciate the Implications of Leading Indicators for Future Earnings? Evidence from Order Backlog. “Why is the Accrual Anomaly not Arbitraged Away?” with Christina Mashruwala and Terry Shevlin. 42: 3-33 (Lead article).” with Jim Jiambalvo and Mohan Venkatachalam. 41(3): 135-162. Awarded the Best Paper Prize for 2006 by the Financial Accounting and Reporting Section (FARS) of the American Accounting Association (AAA). “The Economic Implications of Corporate Financial Reporting. 3 3/10/2011 . 17. “Value-Glamour and Accrual Mispricing: One Anomaly or Two?” with Hemang Desai and Mohan Venkatachalam. 18.” with Bob Bowen and Angela Davis. Journal of Accounting Research 2003. “Value Destruction and Financial Reporting Decisions.

“Early Evidence on the Informativeness of the SEC’s Market Risk Disclosures: The Case of Commodity Price Risk Exposure of Oil and Gas Producers.” Accounting Horizons 2008. “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans: An Amendment of FASB Statements No. and Operations of the FAF. July 6. 21(2): 229-238. GAAP. “Do the SEC's Enforcement Preferences Affect Corporate Misconduct?. “Financial Reporting Issues in E-Commerce Companies with Lessons for Project Evaluation” E-Business Review. “Reputation Building and Performance: An Empirical Analysis of the Top 50 Pure Internet Companies. 106.” with Terry Shevlin. 22(2): 241-248. “Comments by the American Accounting Association's Financial Accounting Standards Committee on the FASB's 'Conceptual Framework for Financial Reporting (Hereafter CF)'.” Accounting Horizons 2007. 31. 4 3/10/2011 . “Managerial Actions.Shiva Rajgopal .” Journal of Accounting and Public Policy January-February 2009. Fall 2004.S. “AAA's Financial Accounting Standards Committee Response to FASB Exposure Draft. 'Proposed Changes to Oversight.” with Mohan Venkatachalam and Suresh Kotha. 40(2): 529-556. Call for Preliminary Views. 109. 26. Rutgers Business School. 115. FASB.continued 24. 30. (Lead article). and GASB. 25. Working Papers 35. 88. 21(2): 201-213.” The Accounting Review 1999. December 2001. “Empirical Evidence on the Relation Between Stock Option Compensation and Risk Taking." Accounting Horizons 2007. 74(3): 251-280 (thesis). “A Perspective on the SEC’s Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) without Reconciliation to U.” with Dan Taylor (Stanford) and Mohan Venkatachalam.” with Suresh Kotha and Violina Rindova. “Response to FASB Exposure Draft "The Fair Value Option for Financial Assets and Financial Liabilities. 34. and 132 (R)” Accounting Horizons 2007. Journal of Accounting and Economics 2002. AAA Financial Accounting Standards Committee Papers 27. 29. European Management Journal. Journal of Accounting Research 2002. 33:145-171. 36." Accounting Horizons 2007.” with Simi Kedia. Including an Amendment of FASB Statement No. “Response to FAF Exposure Draft. Stock Returns. 2006. 28(1): 5157. 32. 21(2): 189-200. 28. “Frictions in the CEO Labor Market: The Role of Talent Agents in CEO Compensation. Structure. 21(1): 103-112. “A Response to the FASB Exposure Draft on Accounting for Uncertain Tax Positions: An Interpretation of FASB Statement No. (Lead article). 87. and Earnings: The Case of Business-to Business Internet Firms. Non-refereed Journals 33.

University of Padova (Italy). Harvard Business School and Kevin Koh. “Non-Audit Services and Auditor Independence: Evidence from 1978-1980” with Suraj Srinivasan. Glasshouse Forum (Stockholm). NTU. 39. “CEO Career Penalties to Missing Quarterly Analysts Forecasts. Presentations 2011 AFA meetings. 45. The Case of Warren Buffett and Berkshire Hathaway. 38. 43. “Do SEC Enforcement Actions and Class Action Lawsuits Deter Aggressive Financial Reporting at Peer Firms?” with Simi Kedia and Jared Jennings. Mark Nelson and Kristi Rennekamp at Cornell University. “Evidence on Contagion in Corporate Misconduct. preliminary working paper. Syracuse University.continued 37. LBS and Ana Simpson. Southern Methodist University. “FASRI Survey Project on User Perceptions of the Limitations of Historical Cost and Fair Value Accounting” with Rob Bloomfield.” with Bob Bowen and Mohan Venkatachalam.” with Suraj Srinivasan and Rick Mergenthaler. LSE. 40 “Did Information Intermediaries see Warning Signals of the Banking Crisis from Leading Indicators in Financial Statements?” with Hemang Desai and Jeff Yu. 44.” with Kevin Koh and Simi Kedia. 2010 Cornell University. Notre Dame University. Penn State University. preliminary working paper. Erasmus University (Rotterdam). Ohio State University (joint Accounting and Finance).” with Ilia Dichev. “A Catering Theory of Earnings Management. University of Arizona. SMU. University of Iowa.” with Lakshmanan Shivakumar. Governance and Investing Decisions. 5 3/10/2011 . Barclays Global Investors. London Business School summer conference (discussant). University of Florida. IE Business School at Madrid. Nanyang Business School at Singapore. 2009 Emory University. University of Houston. Research in Progress 42. University of Texas at Dallas. Concordia University. 41. Emory University. Dartmouth University. “Influential Investors and Accounting.Shiva Rajgopal . 2008 Sidney Winter Lecture series at the University of Iowa. AAA Management Accounting Section meetings. “Earnings Quality: Evidence from the Field.

London Business School. 2006 Invited faculty presenter to doctoral students at the 2006 Contemporary Accounting Research (CAR) conference. University of California at Irvine. University of Southern California. London Business School. 2001 University of Chicago. AAA annual meetings. Yale University. Duke University. 2003 Columbia University. Massachusetts Institute of Technology (MIT). Penn State Annual Research Conference. 2002 JAE conference. University of California. JAE conference. Duke University. Northwestern University. Seattle (twice). JAAF conference at New York University (NYU). University of Colorado-Boulder. American Accounting Association meetings in Atlanta. American Accounting Association meetings in San Antonio. UBCOW conference at the University of Washington. JAR conference. Australian School of Management (Sydney) conference. UBCOW conference at the University of Washington. Case Western University. CAR conference. AAA annual meetings. American Accounting Association revenue recognition panel. Financial Accounting Reporting Section (FARS) conference at Austin. University of Washington. CAR conference. UC Davis Napa Conference. 2000 6 3/10/2011 .Shiva Rajgopal . London Business School 2004 Summer Symposium (invited discussant). Finance and Economic (FEA) Conference at University of Southern California. Discussant at KPMG & UIUC risk conference at Clearwater. Financial Accounting Reporting Section (FARS) conference at Orlando. Boston College. University of Missouri-Columbia. University of Washington-Bothell. Duke University. Louis) conference. Washington University (St. University of Chicago. Florida. AAA annual meetings. Berkeley. INSEAD. University of Minnesota. Tilburg University. Georgia State University. University of Iowa’s Sidney Winter Lecture Series. University of Washington. Duke University. 2005 University of Rochester. University of Michigan. University of Texas at Austin.continued 2007 American Finance Association (AFA) meetings in Chicago (invited discussant). 2001. 2004 Harvard University. University of Dallas-Texas Symposium Series on business valuation. Invited to teach a PhD seminar at the London Business School. University of Washington. Stanford University.

2006. 2009) Stanford mini conference on IFRS (2009) JAAF conference (2001. 2008) Annual Empirical Conference at the University of Minnesota in May 2002 BMAS conference UT Austin in March 2002 USC Financial Statement Analysis Conference in February 2002 Media/Popular Press/Practitioner Journal Citations Press release issued by the American Accounting Association (AAA) on our whistle blower paper. 2007. 2006. 2009) JAR conference (2002. 2007. January 14. American Accounting Association meeting in Philadelphia. 2004. University of Michigan. 2003. Louis. Washington University. Bloomberg News (TV): Tue 25 Jul 2006 06:34 PM EDT. Capital Markets in the 21st Century issued by the U. Chamber of Commerce. CFO. 2008. 2003. UBCOW conference at the University of Washington. Globe and Mail.Shiva Rajgopal . 2009) Sidney Winter Lecture Series at the University of Iowa (2002. 2010). Atlanta Journal Constitution. April 26. Pennsylvania State University. 2007. September 2008.com. 2008. September 8. June 2010 Oregonian. Emory University. April 22. 2005. 2005. July 18. 7 3/10/2011 . New York University. 2008. Summer Symposium at Hongkong University of Science and Technology. September 2008. 2007. 2008. 2008. Bloomberg News. July 12. 2007.S. European Finance Association meetings at the London Business School. August 22. Op-ed by Robert Pozen. UBCOW conference at the University of Washington. Economist. University of Minnesota. June 24. 2006.com. Business Week. Globe and Mail. 2009. CFO Magazine. 2007. 2009. 1999 American Accounting Association meeting in San Diego. 2006. Forbes. 2008. 2002. Investor Relations Magazine. 2005. Economics and Accounting conference at University of Texas at Austin. LBS/JAR conference (2005) CAR conference (2001. 2007.S. St. Seattle Times. May 4. University of Pittsburgh. Commission on the Regulation of U. 2008. Harvard Corporate Governance Blog. 2007. March 2007. March 17. Economist. 2004. University of California at Los Angeles. 2009) RAST conference (2004. 1998 Carnegie Mellon University. 2007. 2003. 2004. March 3. 2008. 2007. 2009. 2007) Harvard Business School IMO Conference (2004. 2005. New York Times. 2005. 2002. 2011) AAA/FASB Conference (2005. September 2008 (twice). 2006. Invited Participation at Conferences AFA meetings (2007. January 18. 2008. 2009) JAE conference (2002. 2007. Indiana University at Bloomington.continued University of Chicago. Finance.

AL. 2004. Harvard Business Review February 2006. 2006. Toronto Star. 2005 Number 3. Kentucky. The CFA Digest. The Ledger. OH. March 2005. Wall Street Journal. The McKinsey Quarterly. IN. FL. Charlotte Observer. January 23. MO. PA. New York Times. 2006. Web exclusive. March 2006. KY. October 4. 2004 was reported in several U. A Reuters story on “Is Silence Golden paper?” on March 17 and 18. March 8. MN. February 16. May 2006. April 13. Tallahassee. 2004. SC. pages 40 and 41. yahoo. WA. 2004. Bradenton Herald. papers such as The State. KS. An Associate Press (AP) story on Graham. PA. March 4. C3. Wall Street. Centre Daily Times. NC. April 27. Vanguard Flagship website. Tuscaloosa News. February 9. no. 2004.finance. February 7.S. Atlanta Journal Constitution. FL. Long Island Press. ND. May 18. Eyewitness News 11. Working knowledge.com. 2001. Duluth News Tribune. USA Today. Harvey. Monterey County Herald. FL. National Post. Ocala Star-Banner. Star Telegram. vol. Times Daily. Fortune. TX. 2006. Miami Herald.com. Washington Post. Philadelphia Inquirer. Economist. Kansas City Star. 2004. 2004. Page C1. CA. Fortune April 17. MS. Grand Forks Herald. 2006.continued Breaking the Short-Term Cycle. Boston Globe. Hi-Tech News. Investors Relations Update from the National Investors Relations Institute (NIRI). San Luis Obispo Tribune.com. The McKinsey Quarterly. MBA Journal by Cintra Pollack CFO magazine (Anniversary issue). AL. no.Shiva Rajgopal . February 27. Harvard Business School. CA. March 28. 2004. March 2. West Fall Weekly News.com. 2002. 3 (August 2003): 57. 2004. 2001. April 11. 2005. GA. December 10. Oman Tribune. Business Week. Business Week Online. 2004. Financial Times. 32. and TD Waterhouse Research. page 70. MSN Money Central. June 28. Feb 1-7. CFO magazine. rediff. April 2005. FL. vol. 8 3/10/2011 .net. Springfield News Sun. Proceedings of the CFA Centre for Financial Market Integrity and Business Roundtable Institute for Corporate Ethics. FL. February 9.com ABC Raleigh. July 24. The McKinsey Quarterly. June 22.. May 2004 Wall Street Journal. 2005. February 11. 2004. 2006 for Legg Mason Capital Management. April 14. 2005 Wall Street Journal. Biloxi Sun Herald. SC. 2006 was reported in abcnews. Financial Times. KPLU radio. 4 (November 2002): 39-40. Raleigh News and Observer. 2002. Fortune. March 2005. Fort Worth Star Telegram. The Financial Times. 2004 Smart Money. Myrtle Beach Sun News.com. Akron Beacon Journal. March 1. July 2006. and Tacoma News Tribune. Rajgopal (2004) released on August 3. IN. Maubossin on Strategy. Fort Wayne Journal Gazette. Fort Wayne News Sentinel. Seattle Weekly. OH. Kansas. 33. 2004. Page C1.

2000. February 2001. 2001. 2004-5. 2001-2002 Notable Contributions to Accounting Literature Award Screening Committee of the American Accounting Association. Ad-hoc referee for The Accounting Review. 2011Member. Washington Post. Summer Research Funding Committee. Journal of Accounting and Public Policy. 2005-2008.Shiva Rajgopal . Financial Analysts Journal. 2000. Financial Accounting Standards-American Accounting Association Committee. Summer Research Funding Committee.continued The Seattle Times. Editorial and Advisory Board. Member. 2007-8. 2003-present. The Economist Intelligence Unit. Journal of Economic Dynamics and Control. Review of Accounting Studies. 2001. Review of Financial Studies. 2001. Member. PhD Thesis Chair (Initial Placement) 9 3/10/2011 . Financial Accounting and Reporting Section (FARS) Best Paper Award Screening Committee for 2007. MBA Electives Review Committee. Served as an external reviewer for promotion and tenure decisions. 2002-2003 Faculty Advisory Committee to the Dean at the Fuqua School of Business. Session chair responsible for picking papers at 2006 Financial Accounting Research Section meetings (Compensation and Market Efficiency areas). Journal of Management. Faculty Council for 2007-10. Auditing. The Industry Standard. Accounting Horizons. Journal of Business. Financial Management. Member. Contemporary Accounting Research. Journal of Accounting and Economics. 2001. Journal of Management Accounting Research. 2001. Journal of Accounting. Associate Editor. European Accounting Review. Member. Stanford Business Review. 2002. June 24. 2007. March 22. Contemporary Accounting Research. Member. 2006. 2001. University of Washington. October 24. April 20. Member. February 7. October 24. The Accounting Review. April 2000. January 30. Interview with KIRO 710 Radio News. NorthWest Cable News. School and University Level Service Chair. August 2000. Auditing. Journal of Financial and Quantitative Analysis. 2007. and Finance. July 24. Journal of Accounting Research. University of Washington. April 4. Management Science. March 26. Journal of Finance. Ad-hoc Associate Editor for Journal of Accounting. 2001. and the American Accounting Association (AAA) and the Financial Accounting and Reporting section (FARS) meetings.2010. 2005-6. February 5. and Finance. Academic Service Member of the Survey Research Program of the Financial Accounting Standards Research Initiative at the FASB.

Brandon Fleming (Strategy). 10 3/10/2011 . 2008 (University of Iowa). Singapore). Listed as one of the three prominent faculty on the Business Week website for the University of Washington (see the Academics and Lifestyle tab at http://www. Anu Wadhwa 2005 (Strategy.000 Glen McLaughlin Award for Research in Accounting Ethics for the paper “Whistle blowing: Target firm characteristics and economic consequences. 2007 (University of Georgia). 2007 (Baruch University). Rick Mergenthaler. 2008 Dean’s Research Excellence Award. 2009 Nominated for the School wide Doctoral Student Mentoring Award. Thesis published in The Accounting Review. and Helen L. Nominations and Awards 2010 Citation from the Dean for teaching excellence. 2007 (Nanyang Business School. Ryan Wilson. PhD Thesis Committee (Initial Placement) Liz Chuk.continued Urooj Khan. Bothell). 2007 William A. Citation for Teaching Excellence from the Department Chair (twice).Shiva Rajgopal . Thesis published in Journal of Accounting Research. 2006 Notable Contribution to the Accounting Literature by the American Accounting Association (AAA). Louis). Citation from the Dean and Department chair for teaching excellence. Nominated for the School wide Doctoral Student Mentoring Award. Todd Kravet. Kathleen Hertz. Honors. Switzerland) Stacie Kelley 2005 (University of Georgia). Best paper award given by the Financial Accounting and Reporting Section (FARS) of the American Accounting Association (AAA). Jenny Zhang. 2010 (USC). Citation for Teaching Excellence from the Dean. Fowler Award for Special Achievement/Recognition. Citation for Teaching Excellence from the Department Chair (twice). Michelle Hanlon 2001 (University of Michigan).businessweek. Thesis published in The Accounting Review. Tulane University). 2009 (UBC). 2007 (University of Iowa). Angela Davis 2000 (Washington University. St. expected graduation 2011. Shamin Mashruwala and Christina Mashruwala. expected graduation 2009 (Columbia University). expected graduation 2010. Andy Call. Awarded the $20. Rushi Karachalil 2006 (Strategy. Valerie Li. 2006 (Portland State University). 2010 (UW. 2009 (UT-Dallas).com/bschools/rankings/undergraduate_mba_profiles/washington.html). The Federal Polytechnic School of Lausanne. Kevin Koh. Brad Blaylock.” Won the School wide Doctoral Student Mentoring Award.

2004 MBA Professor of the Quarter Award. Income Tax Regulations and the Allocative Effect of Factor Inputs.” Professional Affiliations American Accounting Association American Economic Association American Finance Association Beta Gamma Sigma academic honor society 11 3/10/2011 . Citation for Teaching Excellence from the Dean. 2000 Finalist. Dean’s Research Excellence Award. Nominated for the School wide Doctoral Student Mentoring Award. Nominated for the School wide Doctoral Student Mentoring Award.continued Dean’s Research Excellence Award. Citation for Teaching Excellence from the Dean (twice). Citation for Teaching Excellence from the Department Chair. McKinsey/Strategic Management Society Best Conference Paper prize. 2003 Best paper award at the Journal of Accounting and Economics conference 2002. MBA Professor of the Year Award. Nominated for the School wide Doctoral Student Mentoring Award. Citation for Teaching Excellence from the Department Chair. Citation for Teaching Excellence from the Department Chair (twice).S.Shiva Rajgopal . 2005 MBA Professor of the Quarter Award. American Accounting Association Midwest Region Conference for the paper titled “ U. 1994 Best Student Paper Award.